A business mogul and top ranking industrialist, Chief Tony Elumelu has called on the Nigerian government to stop double taxation to improve on the status of ease of doing business in the country.
Elumelu, who expressed happiness over the World Bank rating of Nigeria as number 24 in the world on the ease of doing business, said that Nigeria could achieve more in this area if the government work hard towards stopping double taxation.
“Everything that is done is good but I think we need to streamline our taxes; avoid multiple taxation. We need to have double taxation treaties with other countries so that Nigerian investors who go out to invest don’t pay double taxes and those who come here to invest don’t pay multiple taxes. “I think it’s good to make sure that our infrastructure works. I think the rule of law is extremely important, strong governance, contract accessibility, sanctity of contracts, property rights. These are things that drive investors to go and invest.”
Elumelu, who spoke to news men shortly after a close door meeting with Abba Kyari, the Chief of Staff to President Muhammadu Buhari, is also happy that the Central Bank of Nigeria (CBN) had already addressed the foreign exchange issues.
“It was very high, but now. It is affordable; it’s predictable; it’s available, so to speak, in market is improving.
The industrialist said that he is happy with what is happening in the country.
“The ease of doing business ranking by the World Bank that moved Nigeria up in 24 places is very impressive and not just that, as top ten reforming country in the world. Counting Nigeria as one of the top ten reforming countries in the world is very impressive. So, I think things are getting better. I think we are turning corners and things are getting better. I think Nigerians who have resolved to invest in the country will invest in Nigeria so that we can create employment and friends of Nigeria and global investors who are looking for a safe place to invest, a place where rule of law is strong; a place where there is sanctity of contracts; a place where tax reforms regime is good will come to invest in Nigeria.”
Elumelu said that the World Bank report shows that Nigeria is ready and open for business, saying that there is so much private global captain looking for investment destinations “and with this signally is all saying come mad invest in Nigeria.
“I speak as Nigerian who invest in Nigeria and if course I the African countries, there is where else I get returns on investments as I get in Nigeria and this is time for people to come on board and take the advantage.”[myad]
